Two Way Hard Three | Las Vegas Casino & Design Blog

April 12, 2007

Rumor: MGM Mirage Buying North Strip Land

Posted by Hunter

I haven't been able to confirm this story despite making several queries but Vegas Today and Tomorrow is reporting that MGM Mirage may be buying the Bennett-owned parcel across from the Sahara.

Since Nazarian purchased The Sahara, this parcel is available - they were previously trying to sell the hotel along with this parcel.

Of course, as we learn more, we'll keep you updated.

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Categories: Business of Gaming, Las Vegas Strip, MGM Resorts International


Comments

Read archived comments (4 so far)
April 12, 2007 6:34 PM Posted by Brian Fey

I realize this could just be a rumor. But if not, it makes sense. MGM could use this land along with the CC RV Park lot, and really have some land to do something with. They have already said they plan on remaking CC. Also the new Sahara buyers, may have passed on this to keep the debt down, and now that Sahara has sold, the owners may have just wanted to take their money and run. I think the north end of the Strip really has promise now, and I think MGM is smart enough to get in on the action. I really wonder what LVS is going to do in LV? Are they just going to sit back and call it done? Or do they plan on purchasing something? Several weeks ago, Sheldon said they were researching that exact thing right now.

April 19, 2007 4:33 AM Posted by BrianFey

Beautiful! Looks like this is fact. I guess Vegas T&T, did nail this one right. I did notice, that they had an error in stating the new Wynn aquired land. When first reported, he showed the Wynn map, and it showed 2 new parcels, one being across from Encore, next to the TV station, and the other being the Chamber of Commerce land. Now that map has been altered, and only showing the COC land. But here is a link with more detalis on the MGM purchase. This is a very exciting for the north end of the strip. Circus Circus needs to go ASAP!

http://www.lvrj.com/news/7096416.html

April 19, 2007 5:13 AM Posted by detroit1051

This is huge news and solidifies the north Strip as a viable area. I bet the Allure condo developers on the other side of Sahara are breathing a sigh of relief.

The story is incorrect. The 25 acres are on the southwest corner, not the northwest corner.
Note the price: $17 Million/Acre.

Excerpt:
"Murren said that unlike CityCenter, which MGM Mirage is financing, the company would take a different approach and seek partners to develop the north Strip location.
"We had so much interest in CityCenter from so many different resources that we believe this development allows us to bring in new financial and strategic partners," Murren said.
"We have an opportunity to bring into the mix new ideas, new brands, new customer bases and new marketing approaches. There is such an increased level of interest to get into Las Vegas, that we believe entities will want to partner up with MGM Mirage. This will create an opportunity for our shareholders to monetize a fair amount of our real estate holdings."
http://www.lvrj.com/news/7096416.html
http://media.lvrj.com/images/1729875.jpg

April 19, 2007 7:30 AM Posted by Hunter

This discussion has moved:

http://www.ratevegas.com/blog/2007/04/mgm_purchases_n.html